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Kiwi traders huddle up!

There won’t be major data releases from New Zealand this week, so traders will likely focus on overall risk appetite in the markets.

Here are the points you need to know if you’re trading the comdoll!

ANZ business confidence (Jul 30, 1:00 am GMT)

  • The Reserve Bank of New Zealand considers business surveys like this in its monetary policy decisions so you should also take note of businesses’ relevant concerns
  • Business confidence bounced by 4.6 points to -29.8% in July, while activity jumped by 19.1 points for the month

Overall risk appetite

  • Top-tier releases from Australia (CPI, building approvals) and China (official PMIs) – New Zealand’s trading partners – can influence the demand for NZD
  • Coronavirus cases, stimulus and vaccine prospects, and economic reopening headlines around the world will continue to affect Kiwi’s price action
  • U.S. GDP, earnings of major U.S. companies like Alphabet, Amazon, Facebook, and Pfizer and FOMC’s policy announcement will give clues on the pace of recovery we can expect from the world’s largest economy

Technical snapshot

  • Stochastic considers the Kiwi “oversold” against the euro and franc
  • NZD/USD is almost overbought on the daily time frame
  • NZD/CAD and NZD/JPY remain in neutral territory
NZD Forex Pairs Stochastic from MarketMilk
NZD Forex Pairs Stochastic from MarketMilk
  • AUD/NZD, EUR/NZD, NZD/CAD, and NZD/USD are in short and long-term bullish trends
  • NZD/CHF is trading below its short-term EMAs
  • Watch out for retracement or reversal opportunities on GBP/NZD and NZD/JPY
NZD Forex Pairs EMAs from MarketMilk
NZD Forex Pairs EMAs from MarketMilk
  • NZD was most volatile against JPY, USD, GBP, and CHF in the last seven days
NZD Forex Pairs Volatility from MarketMilk
NZD Forex Pairs Volatility from MarketMilk

Missed last week’s price action? Read NZD’s price recap for July 20 – 24!